The details of the Ontario cap & trade program are expected to be announced with the provincial budget this week on February 25th. In the meantime, the government has made several announcements detailing how it plans to spend funds raised through the carbon credit auctions.
In 2015 the government announced the creation of a $325 million “Green Investment Fund” that was called a “down payment” on the proposed cap and trade program, to be funded from the planned auctions for emissions credits. The following government projects will be paid for from the Green Investment Fund.
- A $100 million program in partnership with Enbridge Gas Distribution and Union Gas to help homeowners conduct audits to identify energy-saving opportunities and then complete retrofits, such as replacing furnaces, water heaters and upgrading insulation.
- A $74 million initiative to encourage large industrial plants to adopt leading-edge technologies to reduce emissions.
- A third program will invest $92 million from the Green Investment Fund into social housing retrofits that invest in clean technologies and improved energy efficiency.
- Other announced programs to be funded from the Green Investment Fund are aimed at adding electric vehicle charging stations and helping small and medium-sized businesses reduce emissions and become more energy efficient.